Ginko Has Not Allowed Withdraws For Over A Day Now...

ok went to take out the minimum today and computer says NO (little britain quote there)
We was told we be able to take out the minimum each day of 5k per 24hrs but the machines at his HQ are saying that the min we can withdraw today is 0L$ now that dont sit well with alot of his customers today we are being patient but while you are panicking so are we cos we still got bills in SL to pay and if we cant pay our bills we go under and as somebody earlier stated the domino effect will take place as it will go all along those who havent invested will be owed money by those that have and they wont be paid either do you see a pattern emerging and Lindens can sit pretty but at the end of the day it will hurt them financailly too cos they wont get paid from the buisinesses and people who lost everything..

He can only pay money he has.

which means he has ZERO Lindens then ?
well he has a camp of customers at his machine right now and not happy ones either..
some are talking of investing in his 30day scheme well if we cant get the min today whats the chances in 30days? none i see i just wanted to pay my bills today and my wedding in 25days time but looks like thats not going to happen thnx Nic

Anyone who bought Ginko at this point would be getting roughly three quarters of a million dollars of debt, a website, a bunch of in world ATMs, and some under performing investments with lots of "potential". THREE QUARTERS OF A MILLION DOLLARS OF DEBT! Nic has already admitted that his assets, if liquidated, would not cover this debt. Nobody in their right mind would want to buy this bank unless they were paid a very significant sum of money just to take it off Nic's hands.

It doesn't contain a patriotic American shopping mall, though. I'm a bit disappointed.

Actually, that sim doesn't seem to contain anything of value at all. I'm not sure how he expects to make 10l$ off it a month, much less 100k...

Where is this region? I musta missed its name.

Broccoli

Here...

Ok ... the centrepiece building *is* impressive - if prim heavy - but you're right, there's absolutely nothing there that I could see to make anyone visit or stay.

Traffic of just over 200 as well...

As with everything else Ginko, it seems, there is a "lot of potential" but it isn't appearing.

Broccoli

In all honesty Anshe chung has long ago labelled ginko as a ponzi scheme and I doubt would touch this with a 10 foot pole mainly because there likely is not much to take posession of. If she got it for zero money down she might try to salvage it if she could get a handle on the books since this guy doesn't want to show anyone anything and the question has already asked if he would make the books available for a potential large deposit from interested investors to help float the "bank" that he would not release any info (not now anyhow) then I doubt anshe chung would get very far.

This is the baffline part I have seen a couple of offers for monetary help which have been turned down because they wanted to an audit first by an independant accountant all this has been turned away. It really means only one thing to me all this he has nothing at least at this moment he has nothing or very little to back any type of withdrawal. In fact he might already be gone from the face of the planet who knows.

Me thinks its over and it has collapsed and at this point its anyones guess as to why. Yes it may have been an attempt at a ponzi scheme or something else that is somewhat shady but the fact of the matter is unless some kind of law enforcement agency manages to step in and see what is what we will never ever know if it was a business that hit a rought patch and panic put it under or if it was a fragile house of cards like a ponzi scheme that just ran out of steam. Since the average operation time for most ponzi's or similar type schemes before they collapse is two years and that is about as long as the bank has run I think its possible that it is a ponzi? anyone can guess and I hate guessing.

Unfortunately nicholas didn't instill any confidence in anyone with his posts only pretty much confirmed there was something fishy going on and nothing more

Unless hes just trying to refloat the whole scheme and get it rolling again.

cosidering hes selling Bonds and using that money to pay off other investors cashing out.

And even suggesting those frustrated with not being able to withraw to buy bonds with thier account money and sell those ..

These are the forums - people discuss the issues of the day.

Some have strong opinions about people who try to earn their money by taking advantage of others.

Others simply cant beleive people "fell for it"

Some still think the Fund is viable.

And yeah some people are snarky.

Thats the forums, thats what you get when you click on the "Forums" menu choice.

Its the same for uncounted forums across the web.

While I have strong opinions about people who try to earn their money by taking advantage of others, can't believe people "fell for it", and am snarky.

Can't pin me down that easily

I mostly agree with what you say. I also think Ginko is possibly insolvent.

Yes, I would suspect Anshe Chung (if interested) would want to take it over for virtually nothing.

In addition I would suspect she would need to write off a lot of bad debt(or non existent investments) and adjust everybody’s balance down to reflect the true NAV of Ginko.

If anyone can make money for investors from virtual worlds she can, that’s proven, and if I were a Ginko investor (I am not) I would regard it as far more important my investment advisor was competent, than nice. On that point smart competent people realise it pays to be relatively honest. Because of her other virtual bank she may have spare capacity to put to work any spare Lindens

The argument about using virtual worlds for financial services is unproven either way at present. But the real life investment reports I read on them tell me there is a lot of money floating around, billions of US actually, and naturally like all pioneers in a new land I am mildly interested in reviewing new areas of opportunity.

I confess that like many of us, making real money from or in virtual worlds is a new area of interest for me, and again one or two successful samples from millions of end users does not in itself set precedents. Indeed it may well be proven the only people that make money from VR worlds are the games designers and possibly shareholders if they are a PLC. But then again there is the clear example of Ebay….

Finally I say again, I think Anshe Chung would be the best choice in a difficult situation.

Unless Ginko is wound up, what assets there are returned to depositors in proportion, and Linden Labs banns in game financial services in the same way they have with gambling

That is one possibility of the Ginko / WSE fiasco.

*pins Reitsuki's shoulders to the mat with big safety pins*

The only way I think Linden Lab can even consider letting such things exist is if they are not tied to the L$, and simply use 'investing tokens' that have absolutely no value whatsoever.

Unfortunately, things like this fiasco only harm Second Life for the 95% of us who are here just for fun and aren't after making money.

Broccoli

Another question is how it could possibly have taken much of the L$1M to develop. There are lots of problems with the build.

One example: there's a whole plaza surrounded by a hollowed megaprim. But megaprim collisions are bugged: cut and hollow often don't work. So you have to walk about a meter above the plaza surface, on *top* of that "surrounding" prim. There are quite a few non-phantom mega-prims on the sim, so... well, don't drop too many physical objects in your travels. (Z-flicker in the subway ceiling almost looks intentional--like sparks from an imaginary overhead third-rail--but the upside-down road texture in the station suggests that's a too generous interpretation.)

But maybe the build isn't complete (e.g., there are what seem to be plywood "missile launchers" on the carrier deck), so perhaps it's too soon to judge, and perhaps the L$1M isn't all sunk cost yet.

No idea whence revenue was to have originated. The huge office tower--does anyone ever lease in one of those, with chat leakage between floors and parcel media shared the whole height of the tower? A few rental kiosks on the plazas and subway level might have generated something--but nothing close to even T-bill interest on the investment.

I do quite like the aquarium though, and the baked lighting is quite good. The subway works better than one might expect, given the sim border crossings. It's a bit disconcerting, though, when another train passes in the opposite direction right *through* the car one is riding.

Probably covered already in this and other threads, but the whole shebang is owned by Brautigan & Tuck, the folks who brought us the "BnTxxxxx" bots.

Nothing said or discussed here is going to have a significant impact on the Ginko situation, at least no more than the simple fact that there is L$150M of vapor balances which customers CAN NOT withdraw now. Going after more money, adding more liability, to pay existing liabilities is NOT sound business practice, so even if Ginko in the end proves not to be a Ponzi scheme (heh.. as if), transferring the problem from one group of residents to another and adding more to the pyre is NOT going to help it (and its customers) out of that "tight spot".



Well, I'm JUST snarky... and curious... and I like to point out silliness when I see it. Especially when the owner of a business comes in and berates his customers (and the general public) for his own faults and failures. I find it quite amusing to "out" that behavior. As said above, people have already lost their money. It's gone. Nothing is going to bring it back.

I am MOST DEFINITELY *NOT* one to protect people from themselves and their own bad choices. I am all for people learning the "hard way" about these things. I did years ago; I think I am much better off for it overall. So will everyone else, I imagine, including Nicholas or Andre or Michael or whatever his name is.

Throwing good money after bad is never a good solution to a financial crisis. It is how many folks go from a bad investment to the poor house. Seen it happen quite a few times, too.

What basically will happen is your money will immediately go to pay people's current withdrawals, there won't be enough to go around, the run will continue, in 30 days, you will simply be added to the long line of people who are trying to squeeze blood from the Ginko turnip. At this point, this methodology is purely a Ponzi scheme, regardless of whether it was before or not.

Half of that is about US$1800 - which isn't necessarily excessive for a full sim development from a developer directory listed builder. Big companies like ESC, RRR etc won't touch something with a budget of less than $10,000 but there are many others who can do that work for a lot less.

I hadn't noticed the "Branigan and Tuck" reference till you mentioned it... the landbot conspiracy theory starts to make sense now, about bots grabbing and reselling cheap land, fuelling the Ginko funds.

Broccoli

Let's look at Von Mises.

100k L/mo divided by 267 L/USD (exchange rate) = 374.53 USD/month. That is easy to make per month on a private island using comparable Linden tier pricing and 48 plots. This is a net profit of 79.53 USD/month, or 21234L/month. But at that rate, assuming that the island stays full, the investment won't pay for itself (the 1M L) for 47.09 months (!!). There must be some other money paid back to Ginko for this to be a viable investment at the rates that Ginko pays interest. Or used to pay interest.

If this is any indication of the investing savvy, people should keep camping the ATMs indeed and grab what they can and runnnnn.

you need to change your posts per page setting.

In his bank page he keeps saying temporary implement to keep things fair and i understand he is trying to keep the bank a flout ,it shows he is not going to rip use off. how ever one thing he keeps saying * to keep things fair* that kind of upsets me. to me fair would be to at list give us all 50K so we can pay bills. in game or irl. I know a couple of business that had to fold.I my self had to get a loan to pay bills .

part of the problem is that when you develop a property your bascialy haveing to sink lindens that you cant get back. and if you have to hire someone to do part of the teraforming-building. Which means, unlike the real world, the only way you can sell a lot for what you payed for it(Sim+ Teraforming + Prims) is if they decide they dont need to touch the buildout you did on the land and think its worth what you payed for it(real world you have banks-deed restrictions-Covenenats-zoneing laws-Demolition costs to deal with, in game the costs for striping buildings/landscapeing is bascialy non existant) and thats when the Prims are transferable to start with.